v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (5,484,544) $ (37,090,050)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Amortization on capital lease 121,954 49,644
Depreciation and amortization 6,450,581 8,839,829
Deferred tax asset (2,511,394)
Stock-based compensation expense 196,100
Amortization of operating lease right-of-use assets 435,102 440,030
Amortization of finance lease right-of-use assets 1,549,239 627,482
Loss on disposal of property, plant and equipment 29,169,008
Changes in assets and liabilities:    
Accounts receivable (2,574,907) 3,108,788
Inventories (197,631) 160,396
Prepayments and deposits (2,331,871) 68,895
Advance from customers (27,000)
Other receivables (11,447) 4,854
Accounts and other payable and accrued expenses 268,175 (2,583,610)
Taxes payable 182,919 (315,782)
Lease liabilities (743,404) (753,231)
Net cash used in operating activities (2,139,734) (812,141)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant and equipment (28,923,642)
Net cash used in investing activities (28,923,642)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayment of finance lease obligation (260,997) (31,866,665)
Net cash used in financing activities (260,997) (31,866,665)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 61,650 (253,907)
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,339,081) (61,856,355)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 10,075,162 72,223,894
CASH AND CASH EQUIVALENTS - END OF PERIOD 7,736,081 10,367,539
Cash paid during the six-month period ended June 30, 2025 for:    
Paid for taxes 811,828 886,928
Interest paid $ 121,954 $ 49,644